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Author Topic: capitulation.  (Read 4435 times)
billyjoeallen
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June 12, 2011, 04:23:14 AM
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I am resolved to lose it all. You may destroy my net worth in nominal terms. Take it negative, even- but you won't get my bitcoins. You will not get my fucking bitcoins. I am going to will them to my daughter, even if they are only worth nine cents.  I may be an idiot, but I am not a pussy.  I don't know the ending, but I have a story to tell. I paid for it. I've aged ten years this weekend, and it's not even over. I will tell this story. Fuck it. I rolled the dice and took my chances. At least I took a shot.

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imperi
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June 12, 2011, 04:26:17 AM
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You're 10 years old? You're quite literate. Also I am not giving up my bitcoins either, so I agree on that sentinel.
finnthecelt
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June 12, 2011, 04:31:02 AM
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I am resolved to lose it all. You may destroy my net worth in nominal terms. Take it negative, even- but you won't get my bitcoins. You will not get my fucking bitcoins. I am going to will them to my daughter, even if they are only worth nine cents.  I may be an idiot, but I am not a pussy.  I don't know the ending, but I have a story to tell. I paid for it. I've aged ten years this weekend, and it's not even over. I will tell this story. Fuck it. I rolled the dice and took my chances. At least I took a shot.

I kinda feel the same way right now. But you have to expect this selling. NO ONE has seen it this high and the payout has to be hard to resist.

edit: looking back at the charts I guess it did hit over $30 way back when, and then it took a might crash there as well. One could deduce it wants to be at $30. Makes sense that it would hit the old high and correct.
billyjoeallen
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June 12, 2011, 04:32:29 AM
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You're 10 years old? You're quite literate. Also I am not giving up my bitcoins either, so I agree on that sentinel.

Ten years older. and ten years farther from retirement. Oh well, I don't like to play golf anyway.

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Bazil
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June 12, 2011, 04:53:18 AM
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Just wait it out, there will be a recovery.

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billyjoeallen
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June 12, 2011, 05:01:16 AM
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Just wait it out, there will be a recovery.

I don't even care anymore. It may be a story of the most spectacular two week round trip ever. It may be the story of the guy who was too dumb to give up and got lucky. Bitcoin was a noble and smart idea. Maybe just ahead of its time.

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imperi
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June 12, 2011, 05:04:16 AM
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Bitcoin will go back up. If you look at the trade volume in dollars it is remarkably high even with the lower price. I do not think the trade volume will go down. Once the volatility simmers down a bit, I think the base price of bitcoins will increase. So just wait. This is my prediction... take it or leave it.
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June 12, 2011, 05:16:18 AM
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Bitcoin will go back up. If you look at the trade volume in dollars it is remarkably high even with the lower price. I do not think the trade volume will go down. Once the volatility simmers down a bit, I think the base price of bitcoins will increase. So just wait. This is my prediction... take it or leave it.

Take it! I agree. What goes straigth up. Reminescent of the '99 tech boom. Not the attitude on the way up, that was too fast. But all the sadness now that we've lost, oh, $20 in a couple days!! Understandable.

Dead cat bounce loometh!!!
billyjoeallen
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June 12, 2011, 05:18:32 AM
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Bitcoin will go back up. If you look at the trade volume in dollars it is remarkably high even with the lower price. I do not think the trade volume will go down. Once the volatility simmers down a bit, I think the base price of bitcoins will increase. So just wait. This is my prediction... take it or leave it.

All that means is that miners are dumping bitcoins as soon as they mine them. Trade volume should be low if miners mined and then held which would indicate bullish sentiment. The question is whether or not miners are the smart money or merely mercenaries.

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finnthecelt
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June 12, 2011, 05:21:22 AM
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Bitcoin will go back up. If you look at the trade volume in dollars it is remarkably high even with the lower price. I do not think the trade volume will go down. Once the volatility simmers down a bit, I think the base price of bitcoins will increase. So just wait. This is my prediction... take it or leave it.

All that means is that miners are dumping bitcoins as soon as they mine them. Trade volume should be low if miners mined and then held which would indicate bullish sentiment. The question is whether or not miners are the smart money or merely mercenaries.

I think miners want their ROI first before they hold for the long term....
hazek
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June 12, 2011, 05:38:11 AM
 #11

OP don't tell me you are that guy who said he was going to put his life savings into Bitcoin?

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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imperi
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June 12, 2011, 05:43:25 AM
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Bitcoin will go back up. If you look at the trade volume in dollars it is remarkably high even with the lower price. I do not think the trade volume will go down. Once the volatility simmers down a bit, I think the base price of bitcoins will increase. So just wait. This is my prediction... take it or leave it.

All that means is that miners are dumping bitcoins as soon as they mine them. Trade volume should be low if miners mined and then held which would indicate bullish sentiment. The question is whether or not miners are the smart money or merely mercenaries.

This is true, however I think the trade volume in dollars will be consistently high in the next month. People aren't going to just forget about Bitcoin so soon. People want to be dealing in Bitcoins, whether it's buying or selling.
herbertfilby
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June 12, 2011, 05:47:45 AM
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It's not a loss until you sell at a loss.

Meanwhile, it's all unrealized.

I believe there is a future for Bitcoins. Right now, this is just someone f*ing with us.
jhansen858
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June 12, 2011, 05:49:31 AM
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calm down bro, even if you bought at the absolute peak, as long as you don't sell you have not lost a penny.  Just wait.

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jgarzik
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June 12, 2011, 05:51:00 AM
 #15

Well,

1. Big money and bank transfers are asleep on weekends.  Bitcoin always dips.

2. Bitcoin has always been a thin, highly volatile market.  After a huge rise amid "200,000% increase!" headlines on the front of Yahoo! Finance, you can expect huge drops.


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imperi
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June 12, 2011, 05:52:19 AM
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When someone with 150k can move the entire market to 1.5x or 2/3 the price if they wanted, I wouldn't take it so seriously... it could swing in any direction.
jgarzik
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June 12, 2011, 05:57:14 AM
 #17

When someone with 150k can move the entire market to 1.5x or 2/3 the price if they wanted, I wouldn't take it so seriously... it could swing in any direction.

Yep.  It's just like any thinly traded penny stock.  A single VC or bored trader can skyrocket or tank the value.


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finnthecelt
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June 12, 2011, 04:35:20 PM
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When someone with 150k can move the entire market to 1.5x or 2/3 the price if they wanted, I wouldn't take it so seriously... it could swing in any direction.

These swings happen like they do because the liquidity is so thin. As more bitcoins enter the market and other types of trade (options, etc) enter the fray the volatility should simmer down.

Professional traders will love this volatility in the meantime. Wait for the tactics these guys start using: disinformation, pump-n-dump, email campaigns.....
JellyfishRancher
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June 12, 2011, 05:27:04 PM
 #19

Jesus, no need to be so dramatic. The price fluctuates, it's a thinly traded market, calm down.

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finnthecelt
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June 12, 2011, 05:28:11 PM
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Jesus, no need to be so dramatic. The price fluctuates, it's a thinly traded market, calm down.

Who are you addressing?
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